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The real comfort in knowing that you are protected…


LETTERKENNY Credit Union Ltd. (LKCU) exists solely to help its members. In fact, it’s owned and run by its members, people like you. The fair and reasonable rates offered make it an easy choice for savings and loans. But there’s something else you should know about saving and borrowing with Letterkenny Credit Union Ltd. – all eligible members get Life Savings Insurance and Loan Protection Insurance at no direct cost. How about that for peace of mind?
The insurance is underwritten by the credit unions’ own insurance company, ECCU Assurance Company Limited and is paid for by credit unions.

LIFE SAVINGS
Life Savings insurance is the life insurance cover LKCU takes out for all eligible members as an additional incentive to save regularly and maintain savings with the credit union. The amount paid out in the event of a member’s death will depend on your age and how much you have saved with LKCU over the years.

Life Savings insurance is paid by LKCU. There is no additional direct cost to you, the member. The amount of insurance benefit which an eligible member is entitled to is in direct proportion to the savings and the age of the member. Subject to a maximum benefit set by your credit union, every €1 you save before the age of 55 provides €1 of insurance.

LOAN PROTECTION
Loan Protection insurance is the cover LKCU takes out on the lives of eligible members with credit union loans. Should a member with an out- standing loan balance die, the balance is repaid in full, subject to terms and conditions and certain cover limits which apply.

You should enquire when making your loan application to see if you are eligible. If you are an eligible member, this means that you can borrow from your credit union in the full confidence that your dependents will not be obliged to repay the outstanding loan balance in the event of your death.

DEATH BENEFIT INSURANCE
DBI is an additional credit union service designed to lighten the financial burden of bereavement. It provides eligible members with access to a benefit/payment through LKCU ‘s own insurance policy. During your membership of LKCU, it can give you and your loved ones added peace of mind and reduces certain worries about the future. The actual amount of insurance benefit is €1950.

HAVE YOU SET UP A CREDIT UNION NOMINATION? IF SO, DOES IT REFLECT YOUR UP-TO-DATE WISHES?
The Credit Union Act allows Members to instruct that in the event of their death, the value of their savings with the Credit Union passes to one or more specified persons. The advantage of this is that the money is paid to the nominated beneficiary.
If you haven’t set up a Nomination, it is very important that you do so. It doesn’t cost anything and the proceeds of your account will ease the stress of your loved ones at the time of your death.

If you have setup a Nomination, we urge you to consider if it is up-to-date and reflects your current wishes as things may have changed (e.g. change of marital or other circumstances) since you set it up. Nominations are easy to set up. All you do is complete a simple form in the Credit Union. There is no need for Solicitors or any member of your family to be involved.
However Nominations:
• Must be in writing and signed by you.
• Must be set up in the credit union before you die.
• May include savings as well as proceeds of insurance claims.
• Cannot instruct that your savings pass to any Credit Union Officer unless they are in your family.
• Operate to a maximum of €23,000 only. Any surplus above this amount has to be paid into your estate.
• May be cancelled or amended by you at any time by giving any subsequent written instructions to the Credit Union before you die.
• Will automatically revoke on your marriage or where your nominated beneficiary dies before you do
• Cannot be varied by your will, which allows the Credit Union to make the payment without any complicated process involving Solicitors or probate.

Unfortunately however, nominations cannot be put in place by persons under 16. If you want to set up or update a Nomination, please ask any Letterkenny Credit Union Officer.
Letterkenny Credit Union Ltd. is regulated by the Central Bank of Ireland.


SPONSORED CONTENT BY: LETTERKENNY CREDIT UNION

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Donegal News is published by North West of Ireland Printing & Publishing Company Limited, trading as North-West News Group.
Registered in Northern Ireland, No. R0000576. St. Anne's Court, Letterkenny, County Donegal, Ireland